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How Artificial Intelligence is Reshaping Jobs in Banking, Including Collections

Are human debt collectors dinosaurs who will one day be replaced by chatbots and artificially intelligent-driven computers?

A published report is attempting to look at how AI is changing the employment landscape in the financial services industry, and debt collections is one are the article focuses on.

The article looks at what TrueAccord is doing, for example, and how it is an “example of some of the new jobs being created by AI.”  The article also looks at other possible jobs that could be replaced by machines, including bank tellers, loan underwriters, and customer service representatives.

A report that was issued last week by a research firm predicted that 2.5 million people in the financial services industry will be “exposed” to AI technologies by 2030. About half of those people work in banking and lending, according to the report.

But another report, which was also released last week, said that the number of jobs would increase within companies that deploy AI “wisely.”

While it appears as though entry-level jobs are the ones that will be phased out and replaced by technology, it does create two potential problems — where will the executives, who normally are promoted through the ranks of a company, come from? And, what will those entry-level job seekers do if a machine has replaced them?

TrueAccord is an example of how machines can help individuals avoid human interactions when it comes to dealing with debts, either because those individuals are too embarrassed or too upset.

“The world is changing,” said Ohad Samet, TrueAccord’s CEO. “We’re not the ones making that change. The preferences of consumers are changing the collections industry.”

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